DIPAM looks to engage Consultant for assisting govt in disinvestment matters

• The Consultant should understand, appreciate and advise on all aspects of disinvestment, particularly with reference to the Banking and Insurance Sector

• They will be responsible for assisting DIPAM in formulating processes and procedure for different modes of disinvestment

New Delhi: As it chases a disinvestment target of Rs 2.1 lakh crore, the Department of Investment and Public Asset Management (DIPAM) is looking to engage a Consultant to assist the department in matters pertaining to disinvestment of government equity, particularly in the banking and insurance sector, and has floated a Request for Proposal (RFP) in this regard. In a notification posted on its website, DIPAM said, "The Department proposes to engage a Consultant for a period of one year in order to meet the requirements arising out of the expanded scope of work of the Department. The Consultant is expected to be not only conversant with the subject matter but should understand, appreciate and advise on all aspects of disinvestment, particularly with reference to the Banking and Insurance Sector."

DIPAM Consultant: Roles and responsibilities

The Consultant will be responsible for assisting DIPAM in formulating processes and procedure for different modes of disinvestment, including strategic disinvestment with respect to banking and insurance sectors, examination of transaction-related documents, including RFPs, and legal documents, formulating proposals for taking up issues with regulatory and other agencies, to advise and assist the government on the stipulated requirements, norms, formalities, approvals and exemptions, to assist in drafting and review of Agreements relating to disinvestment, etc.

The Consultant may also be required to prepare background reports on banks, insurance companies and financial institutions. 

Essential qualifications

According to the notification released by DIPAM, an eligible candidate would have an MBA degree in Finance or a Post-Graduate degree in Economics/Commerce, should have qualified CAIIB or an equivalent exam and should have at least 30 years of experience in banking, insurance and financial institutions. The person should not be more than 65 years of age on 04/12/2020.

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Experience in government accounting, government financial procedures, Government office procedures would be desirable, said DIPAM. The assignment will be for an initial period of one year which can be extended based on performance for a maximum period of two years. The post carries a fixed monthly stipend of Rs 1 lakh, without any other allowances.

The backdrop

The Budget 2020-21 set a disinvestment target of Rs 2.1 lakh crore, out of which Rs 90,000 crore is slated to come from disinvestment of government stake in public sector banks and financial institutions. The Centre has so far managed to raise Rs 6,311.64 crore from disinvestment. 

Click here for a detailed RFP.

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